Ann: Financial Year 2019 Results Presentation, page-295

Times have changed unfortunately. Its not worth what it was thats for sure. North tenements were sold for $280m USD when the SP was $2.97 ish.

As it stands the company is highly unlikely to sell any Spod this quarter and it also looks like they will not ship the 15kT they received part payment for.

The COH at the end of Q1 is likely to be in the region of $125m - $128m, Q2 is likely to be poor and the 2nd half turnaround may not eventuate. I have Q2 selling 30k T and an end COH of about $120m but thats looking optimistic if the note purchase goes pear shaped.

For a JV to go ahead you would think signing off on FID would be needed first, this may be difficult with out at least a decent proportion of SDV stage 1 $$$ being available without risking starting and then a CR.

As you have pointed out Rob, the wording around funding has changed rapidly.

I do tend to agree with you that i don't think a JV will be forth coming this year. A TO offer would be more likely in my opinion.

This does not mean i don't think the SP will fall too much further, i think its way oversold and opportunity to trade at this level fairly risk free. Its just that im not anticipating too mush action on the JV front.